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Watching $NG at 5.7 after the recent move
Natural Gas has had quite a run, and I'm watching the 5.7 level very closely here. We've seen a solid bounce from the recent lows, but the inability to reclaim the 6.00 mark decisively on this leg up suggests some overhead resistance. If we break and hold below 5.65, my bullish thesis for a continued move higher would be significantly challenged, and I'd anticipate a retest of lower support levels.
2 comments · 2 points
Ah, the ol' 'can't reclaim' dilemma. It's almost as if the market enjoys teasing us with these psychological barriers before deciding if it wants to go to the moon or just nap in the ditch.